Carrying motor vehicle insurance is a legal obligation for people who live in Kentucky. However, it is also an important financial protection against the potential fallout of a major car crash. A motor vehicle collision can leave you with a lot of medical bills, as well as vehicle repair costs and the lost income from missed work due to injuries.

You will likely need to work with the insurance company to secure compensation after a collision. Many insurance companies will offer lump-sum compensation in the form of an up front settlement after a crash. If you want to make informed decisions about an insurance settlement offer, you have to ask yourself a few questions first.

What does the policy cover?

Knowing what the insurance policy will cover is an important first step. Are you filing a claim against the other driver's policy? Did the other driver not have coverage, thereby leaving you dependent on your own uninsured driver coverage?

Every policy has very specific limits regarding how much they will pay for both property damage and medical costs. Regardless of how you negotiate or approach the situation, the insurance company will typically not offer a settlement that exceeds those maximum coverage amounts.

How much has the accident cost you?

How can you possibly get a fair result if you don't understand what the crash has cost you? You need to take the time to figure out the exact financial impact of the collision. Calculate your current and likely future lost wages. Add up all of your medical bills, as well as the cost to replace your vehicle.

There could be other costs too, such as the expense involved in retrofitting your home for access after a disabling injury or the need to now hire individuals to perform certain maintenance or repairs on your home that you could have handled yourself prior to the accident. All of those different costs can influence what's an appropriate settlement amount is in your case.

Get the help you need to negotiate a better offer

If the insurance is offering you an amount that is much lower than the total cost of the accident, you may need to counter their offer. Doing so can be stressful and may require tenacious effort, as insurance companies are notorious for making claimants handle a lot of red tape to connect with the coverage they deserve after an accident.

Negotiating on your own behalf can be stressful and difficult. Partnering with an attorney can take that stress off of you. You want to work with someone who has experience in personal injury insurance negotiations. You can benefit from that experience and from the ability to remain focused on your recovery instead of on your battle with the insurance company.

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